Gold XAUUSD Intraday Signal 24-08-23

What a day! Bending of trend was located, bullish segment was smelled, positions were taken, all seems set but … Stop Loss Hits. Well Profit & Loss is part and parcel of trading but we must learn from our mistakes. However there was no flaw in work plan. Sell was taken at 1905 and at times it went 1901 but reversed, we BE it and it was hit. We re entered again but this time it didn’t gave us the time to BE and SL was hit. Its ok, it happens, We have lost one out of fifteen trades. That is a good ratio. The point is not to go into revenge trading and not to loose discipline and patience. Stay in the market and trade next day. Finally the fearful night ends and lets go back to our business. I see a good sell opportunity at 0.0% from 1919-21 area and as retracement is always due, we might test 1913 first at 23.6% if this support is broken then 1908 at 38.2%. A buy chance is between 1905 50.0% and 1908 38.2% provided sma44 intercepts the price in this range. Note one thing more that in H1 sma44 have almost crossed sma200 and a golden cross may occur between the range 1905-08 as discussed above. This situation added more support to the buy area. If we see larger TF like D1 price is above sma200 at 1908 and nearing sma44 at 1931. My W1 ascending trend line is crossing at 1923. A major drop can also happen from this area. So be careful in both entries, follow my break/rejection rule to make an entry. Lets hope for the best to occur in our favor. Good luck, Take care.

Comment:

TP HIT FROM 1920 TO 1915